Korea Aerospace wins $1 billion order for fighter jets

SEOUL – Korea Aerospace Industries Ltd (KAI) <047810.KS> has won a 1.12 trillion won ($1.02 billion) order to supply an unnamed number of FA-50 fighter jets to South Korea's military through the Defense Acquisition Program Administration (DAPA).

The South Korean aircraft maker said in a regulatory filing on Tuesday that the contract is based on an initial mass-production agreement reached in December 2011, and will last until October of 2016.